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Merrill, Deutsche and Goldman settle dispute

The investment banks have agreed to buy back $15 billion (£8 billion) of bonds they sold to the American state

Lehman Brothers may face hostile takeover

Richard Bove's comments come after reports that two Asian banks had begun talks with the bank over a 50% stake

Bernanke prepares rate policy defence

The chairman of the US Federal Reserve is to make a staunch defence of the aggressive drive to stave off recession

Workers find solace from Mammon in church

The church at Canary Wharf has added an extra lunchtime service to cope with demand from worshippers seeking respite from market gloom

UBS and Vestra reach pact over raid claim

UBS had accused Vestra, the start-up wealth manager, of conducting a ‘smash and grab raid’ on its UK staff

ICBC becomes world's most profitable bank

Industrial & Commercial Bank of China topples HSBC as it takes the top slot among the world's most successful banks

Amlin profits punctured by plunging investments

The Lloyd's insurer says underwriting business remains strong as falling investment income hits its bottom line

Lone Star rides to rescue of crunch-hit IKB

German state bank KfW offloads 91 per cent stake in the lender that was Germany's most prominent credit crunch casualty

Old Mutual pays €165m for Chinese fund stake

Fortis sells 49 per cent stake in Chinese fund management company to insurer that wants to expand in Asia

Asian banks 'shun' Lehman cash call

Citic Securities and Korea Development Bank douse reports of formal discussions to take 50% stake in troubled US bank

Lehman to announce $3bn writedowns

Wall Street braces itself for surging losses as analysts predict Lehman Brothers will reveal bigger losses than expected

Bank becomes world's most profitable

The Industrial & Commercial Bank of China has overtaken its biggest rivals with a 57% rise in profit

Lehman Brothers 'facing further $3bn write-down'

Concerns come amid reports that the bank is planning to sell off a stake in its successful fund management business

US mortgage applications hit 8-year low

Mortgage applications fell to the lowest level since 2000 as Americans continue to delay or abandon buying property

Fannie and Freddie hit on bailout fears

Wall Street concerned after US report claims the Treasury privately believes both companies will fail to raise new capital